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The Federal Reserve's $85 billion bond-buying program could begin to slow in its "next few meetings," said Chairman Ben Bernanke. In testimony before Congress on Wednesday, Bernanke said the job market remains weak, a signal that the economy isn't strong enough to pull back on stimulus.

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Janet Yellen has been nominated by President Barack Obama to succeed Ben Bernanke as head of the U.S. Federal Reserve. The nomination was warmly greeted globally, with officials in Japan and South Korea joining others in welcoming the selection as a sign the Fed will not quickly abandon its $85 billion-a-month bond-buying program.

Surprising many forecasters, the U.S. Federal Reserve announced Wednesday that it has decided to maintain its bond-buying program at $85 billion a month, saying it needs more decisive signs of a robust economic recovery. "Conditions in the job market today are still far from what all of us would like to see," said Fed Chairman Ben Bernanke. He said the Federal Open Markets Committee "has concern that rapid tightening of financial conditions in recent months would have the effect of slowing growth."

Federal Reserve Chairman Ben Bernanke announced last week that the central bank plans to slow its bond purchases later in the year and end them altogether if the economy continues to improve. He emphasized that while the economy is growing moderately, the Fed will continue its bond-buying program until the job market improves, keeping interest rates down until unemployment drops to 6.5%.

Federal Reserve Chairman Ben Bernanke says the central bank could start winding down its bond-buying program this year if growth increases and unemployment drops. The $85 billion monthly bond-buying program could end completely by the middle of next year, he says.

When Federal Reserve officials gather for this month's policy meeting, they are expected to indicate that they are close to reducing the size of their $85-billion-a-month bond-buying program. Last month, Chairman Ben Bernanke said the central bank could start tapering off the program "in the next few meetings."